Amid the recent bull run, the price of ETH surged all the way to the $1740 level. The price will likely decline if it breaks the $1695 short-term support. Bitcoin formerly had the highest number of long-term investors. However, a new infographic by IntoTheBlock claims that Ethereum has flipped BTC by a difference of nearly 40 million. Both of them had improvements in this statistic when comparing results from the previous year to the present, but Ethereum leads with a 44.2% YoY rise. When it comes to Ethereum (ETH) holdings, a digital wallet affiliated with Robinhood is the fifth largest. The on-chain analytics company Arkham Intelligence estimates that Robinhood holds 1.72 million ETH, which is worth approx. $2.93 billion. Consolidation Phase Amid the recent bull run, the price of ETH surged all the way to the $1740 level. However, it could not maintain the momentum and retracted to the $1700 level. Moreover, the price has been consolidating ever since and is eyeing for a breakout. Traders need confirmation of a clear breakout in either direction in order to gauge the trend. Source: CoinMarketCap According to CMC, the price of ETH at the time of writing is $1704 and is up 1.84% in the last 24 hours. If the price wants to start a fresh rally then it needs to break the $1740 barrier. Post which it will likely test the $1800 zone. On the other hand, the price will likely decline if it breaks the $1695 short-term support. Moreover, the price will then likely test the $1640 level. Investors are closely watching the upcoming core PCE inflation and employment data this week. Both of which has the potential to significantly affect the crypto market.

Hoskinson doesn’t own any NFTs from Cardano ecosystem initiatives on a personal level. The founder clarified that he values the NFT artwork he’s received. Cardano’s founder, Charles Hoskinson, recently released a video in which he elaborated on his position about his involvement with NFT initiatives inside the Cardano ecosystem. When asked about the Apes Society artwork prominently displayed in his Colorado office, Hoskinson said it was a gift and that he had not been paid for or endorsed by the organization. He continued by saying that he doesn’t own any NFTs from Cardano ecosystem initiatives on a personal level. Hoskinson clarified that although he values the NFT artwork he’s received. He does not intend for his display of the work of any one project to be seen as a promotion of that project. Unbiased Approach Hoskinson emphasized that his decision to abstain from these NFT initiatives is motivated by a desire to maintain objectivity. Even though he has been offered several opportunities to obtain NFTs. The founder has stressed that he has never made his address public. His lack of bias towards any one NFT project in the Cardano ecosystem eliminates any appearance of favoritism. In addition, he spoke on the tribalism and close-knit communities that exist inside the Cardano NFT ecosystem. Hoskinson encouraged the NFT industry’s numerous stakeholders to meet and discuss their mutual requirements. The founder recently said during an event that ADA will become the most valuable cryptocurrency in the world, surpassing both Bitcoin and Ethereum. According to CMC, the price of ADA is $0.2649 and is up 0.08% in the last 24 hours. Highlighted Crypto News Today: Crypto Exchange OKX Releases 10th Proof-of-Reserve (PoR) Report

Metaverse is evolving and users seek to explore excitingly innovative content. Opportunities and strategies such as democratized asset creation and content monetization are beginning to lure more players into the space. TheNewsCrypto struck up an all-inclusive conversation with George Wong, Head of Singapore, on the upcoming updates of the Sandbox, the strategies for upgrading the metaverse space, and the optimistic regulations in Singapore. George is genuinely grateful for the optimistic and pro-Web3 regulatory landscape that is evolving in Singapore. He highlights the goal of onboarding regional brands into the virtual world. Certainly, The Sandbox has been lining up a series of thrilling launches for the metaverse community! We are eager to know about the Self-Publishing of Experiences in the Metaverse. Could you share more about it? George Wong (GW): If you have been a follower of the Sandbox for the last few years, a lot of people who purchased our land were only owning the asset of the land, and a lot of experiences were curated because the platform was still on alpha. But with the introduction of ‘self-publishing’ in the fourth quarter of this year, anyone with LAND can now start to build. And that’s important because, in the metaverse, the most important thing is actually content. So if you have an experience on your LAND, then people will come and then there’ll be traffic. Without content, there’ll be no traffic, digital media could also relate to this. So in the metaverse, the logic is the same. So that’s why self-publishing is very important. We have seen some incidences where other platforms or metaverses receive more hype from a lot of people, but they don’t focus on the content. And without content, those metaverses eventually start to die out because there’s nothing there. You can’t go into a metaverse and, and just look at its lands and nothing else. You need something to do something. You need some experiences to spend with your friends in the virtual world. This is also why self-publishing is important. It’s the enabler for all these creative studios and individuals to come onto the metaverse and very easily develop their own experience in the Sandbox. Because our tools are no code. So those who don’t have any coding background can still come into the Sandbox, build NFT assets, monetize them, and build games based on their vision. So that’s why for us, it’s very exciting as we move into 2024. We hope to focus all our attention on getting amazing content into the platform. What benefits will be unlocked for LAND owners, creators, and metaverse enthusiasts after the successful implementation of Self-Publishing by the end of Q3? GW: There are a few layers. Let’s say you are an investor and you have invested and bought LAND. Now the whole idea of location, where your land is, that value comes in. ’cause a lot of people don’t see that value right now when it comes to being in The Sandbox. They just buy land anywhere and then they think that the value will be all the same. But even in the metaverse, location is very important, like in the real world. So one of the things that investors will start to see is that if you are next to a very interesting experience, you’re more likely to have spillover traffic. A LAND that has an ‘experience’ built will have more value. The growth in valuations also relies on content. So valuations will eventually go up with building good content. So that’s one thing for investors. Now, when it comes to gamers, it becomes more attractive because you can now try as many indie and professional games that have been built. There will be many more games coming up sooner. Since we’ve launched, many people have started launching their own experiences onto our platform. We believe when it is fully public in the fourth quarter, we’ll get a lot of exciting content. So gamers enjoy and win because they have much more content to engage with in the metaverse. And the same goes for creators. Now we open up the monetization opportunities by having your own experiences and being able to issue your own NFTs. We have now democratized and monetized NFT Asset Creation in the Metaverse for the long run. This wasn’t possible previously. We wanted to manage the quality, but I think that now with this launch, anyone can just jump into the platform, and emerge to be a creator that does monetize their value. Look at X (Twitter), which recently announced monetization for creators with ample followers. It drew so much interest back into X (Twitter) because monetization is there. While many people do not think that platforms should incorporate monetization, the reality is that monetization is indeed important for supporting good content creators in the digital space. What is the impact of recent regulatory actions implemented in the macro economy on the metaverse industry? GW: It majorly depends on the market. At the moment, certain markets have most of their regulatory actions focused on confirming whether crypto tokens & NFTs are securities or not. The worst scenario in Southeast Asia is that a lot of markets have unclear regulations. This uncertainty confuses people about whether they can proceed with certain actions or not. I’ve seen it in certain markets that I’ve been in where they became over-regulated. But I’m fortunate and happy that the regulators in Singapore have a very positive stance. I would say in the context of Southeast Asia, Singapore is leading the way. The regulators comparatively hold a very positive approach. They are regulating to the extent that it protects investors, but at the same time, they are also encouraging innovation. This is the point where something most regulators suffer. When they solely focus on protecting investors, they cannot innovate or test out new use cases. They would do extensive fact-finding for clearer regulations. They will find a way to protect investors without affecting the diversification of innovation. For example, because of the issues with stablecoins, they have come up with a policy on how to regulate stablecoins. So I don’t see it as a major issue unless they do blanket policies. I think blanket policies are the issue. When certain policymakers just say that all tokens are securities, that’s when a problem is created in the market. So, ultimately, I believe that clarity in regulations is the most crucial aspect that every market needs right now. Can you give an overview of details highlighting the major global brand collaborations onboarding the Lion City, the popular metaverse neighborhood within The Sandbox? GW: Since we started the project of building the Lion City neighborhood in the Sandbox, we have about 35 brands now in total — a mix of international and local brands. But I think the one that is worth highlighting and will be introduced very soon is ONE Championship. Now, for those of you who are not familiar with ONE Championship, it is the fourth-largest property in the world. This Singaporean-based entity is niched in the Mixed Martial Arts (MMA) industry. It’s very refreshing to see such a big brand on a global scale in Sports so committed to a Web3 strategy. Whenever we meet every week, they discuss with us what can they do in Web3. They are looking to build various types of games, and engagements, and it’s not about money. I think certain major brands are only looking at Web3 space because they think it’s quick money. But when you look at brands like ONE Championship, they’re more like, how do we use this technology as a way to build a strong community in the digital space? How do we build fandom? I hope this is what more big brands globally could be working on with us. So that’s one example of brand collaboration for the Lion City that I would highlight. Of course, globally, we have many international brands that are working with us. You are going to see a lot more in 2024. We are going to continue expanding in Southeast Asia and our goal is to make as many big Southeast Asian brands global. What’s your bullish forecast on Singapore transforming into a leading global hub for Web3 and the Metaverse? GW: Right now, we are at a crossroads, building a good foundation. We have collaborated with a lot of big brands that have a good regional and global reach. But I feel that we could do a lot more as more brands are coming into the space right now. What we need is a good population of players and users. So Singapore, a small country, is a very small domestic market. So the user base actually will come from the widest Southeast Asia. So how do we tackle that? Doing a lot of cross-country collaborations. That is why, if you look at The SandBox, unlike other metaverses, we have local companies. We have a base in Singapore and Thailand for Southeast Asia. We also are in many parts of East Asia like Korea, Japan, Hong Kong, Taiwan, and most hopefully China very soon. So you see, we have a regional presence and it’s not just a representative, but the whole company. I think that strategy is something that a lot of Web3 does not do. Currently, Web3 likes to be one place and tries to cater to the global market. However, having a local development team allows us to establish cost-effective collaborative opportunities across markets, enabling us to go deeper and engage with brands that are relevant to the local market, while building a community in the local space. And I think Metaverses needs to grow that way. I strongly believe that with an effective strategy, we have built a good foundation for Singapore and are going into other markets. The next markets that we are looking at to aggressively grow are the Philippines, Indonesia, Thailand, and Vietnam for Southeast Asia. In the Web3 context, we collaboratively work in a very decentralized way to achieve the goal of making Singapore and the rest of Southeast Asia into the “Sea-verse” or “Southeast Asia-verse.” How was your time in Coinfest Asia 2023 and what is that one unique factor you look out for in events like these that unite the web3 ecosystem? GW: It was fun and the setup was really cool. It’s a bit different than the others as in Asia you worry about rain having a fair outdoor experience. What I look for in events like these is a genuine convergence of the Web3 ecosystem with solid business fundamentals. Events like this need to have this convergence as you know, now everybody’s got the tech, the tech is maturing, and people are adopting. We need to find out how to grow even in bear markets and build sustainable projects. As you know bear market cycles are way shorter. So we need to fast at events like this. It’s fascinating to witness the evolution of the previous cycles. In the bullish times, the focus was on concepts like DJs, NFTs, and the like. Conversely, during bear markets, the corporate presence dominated with a more cautious approach. The fusion of technology and business at events is what I believe will drive the Web3 ecosystem forward. My time at Coinfest Asia has been both enjoyable and enlightening, and I’m looking forward to more events that continue to strike this essential balance. Disclaimer: The information provided in this interview article is for informational purposes only. It is not intended to be, nor should it be construed as, investment advice, financial guidance, or a recommendation to make any specific decisions. Readers are encouraged to conduct their own research and consult with appropriate professionals before making any investment or financial decisions.

Bitcoin Cash crossed the $200 mark again after two weeks. Investors gained a notable profit with this sudden surge for the first time in 10 weeks. The Bitcoin Cash (BCH) price has experienced ups and downs over the past few weeks. After staying below the $180 mark for two weeks, BCH has surpassed the $200 range. According to the Santiment report, short- and long-term investors gained a notable profit with this sudden surge for the first time in 10 weeks. Santiment, the crypto market and transaction analyzer, reported that BCH investors have gained a healthy profit for the first time since mid-June. Bitcoin Cash showed a significant price increase of 15% on August 30 after showing a downtrend for the past few weeks. The sudden price surge boosted investors’ confidence in Bitcoin Cash. Bitcoin Cash Shows Surge in Whale Activity Santiment’s report also mentioned that BCH whale activity has experienced a mild resurgence in recent days. Additionally, returns from active BCH trading for the past 30 and 365 days are once again above the range. Following the whale activity, BCH showed a significant surge that resulted in a profit for the short and long-term investors. The surge in whale activity is expected to be the key to a further price increase. Bitcoin Cash has been trading between $180 and $190 for the past few days. The sudden price surge helped BCH cross the $200 mark again after two weeks. However, the price surge in BCH didn’t last for long. The trading price of BCH started declining after the sudden surge. Even with the price drop, BCH is still trading above the $200 range. At the time of writing, Bitcoin Cash has been trading at $213, with a decline of over 3.03% in the last 24 hours. The daily trading volume of BCH has experienced a drop of around 56.53%, according to CoinMarketCap. Do you think BCH will show a price surge soon? Tweet to us at @The_NewsCrypto and let us know your thoughts.

DUBAI, United Arab Emirates–(BUSINESS WIRE)–The United Arab Emirates (UAE), which has an impressive 99% internet penetration rate according to a McKinsey study, welcomes Bitay, a cryptocurrency platform from Turkey. This move aligns with the UAE’s growing stature as a global digital hub and its emphasis on blockchain technology and cryptocurrency. Kickstarted by a government research grant, Bitay has been operational in Turkey since 2018 and expanded its services globally in 2021. The platform is licensed as a Money Services Business (MSB) in 16 US states and offers services in multiple countries across Europe, Asia, Africa, and the Americas. Niyazi Yılmaz, General Manager of Bitay Technology, stated, “The UAE provides a stable regulatory environment for crypto exchanges. It will serve as more than just a market for Bitay; it will be our technology base, central to our global blockchain strategy.” The AEDD coin offers a competitive edge Bitay offers a diverse portfolio with over 350 crypto assets. Unique to Bitay is AEDD, a stable coin pegged to the AED. It aims to provide a competitive edge by offering a low bid/ask price difference. Yılmaz added, “AEDD is not just a stable coin, but a testament to the investment and trust we place in the UAE’s digital future.” Bitay prioritizes user satisfaction, key differentiator in a competitive market. Its Bitay+ loyalty programme offers users benefits such as low commission rates, personalized campaigns, and even crypto staking with APR rates that adjust based on the user’s level. Launch campaign features 25% off Bitay Coin The platform also plans to launch an “Advantageous 2nd Sales Period” campaign to mark its entry into the UAE and celebrate the first anniversary of Bitay Coin. This limited-time offer features up to 25% off the current Bitay Coin price and up to 30% bonus earnings on USDT investments, highlighting Bitay’s ambition to be a dominant player in the region. Bitay Coin, the native asset of Bitay’s ecosystem, has recorded a 330% gain in its first year, outperforming notable assets like Bitcoin, gold, and even shares of global brands like Apple and Tesla. Bitay’s entry into the UAE amplifies the region’s robust digital and crypto landscape. As the UAE continues to attract young, tech-savvy populations and major players in the crypto sector, it solidifies its role as a focal point for financial innovation. Contacts Niyazi Yılmaz [email protected]

In the intricate dance of global finance, traditional economic indicators and the burgeoning Bitcoin and crypto market are becoming increasingly intertwined. Recent macroeconomic data from the US suggests a cooling economy, and this could have profound implications for Bitcoin and other cryptocurrencies. Macro Data Snapshot: A Cooling US Economy Yesterday’s data release paint a clear picture of a slowing US economy: Job Openings: The July JOLTS report indicated a significant drop in job openings, falling to 8.827 million from the previous 9.165 million, and notably below the expected 9.5 million. US ADP Nonfarm Employment Change (August): Actual figures came in at 177K, missing the estimate of 195K and showing a sharp decline from the previous 324K. US GDP (QoQ) (Q2): The actual growth rate was 2.1%, slightly below the estimated 2.4% and just above the previous 2.0%. PCE Prices (Q2): The actual figure was 2.5%, marginally below the 2.6% estimate and a significant drop from the previous 4.1%. Core PCE Prices (Q2): The actual data showed 3.7%, just below the 3.8% estimate and down from the previous 4.9%. Real Consumer Spending (Q2): The actual figure was 1.7%, slightly above the 1.6% estimate and down from the previous 4.2%. Pending Home Sales (July): The month-on-month data showed an increase of 0.9%, defying the -0.60% estimate. Pending Home Sales Index (July): The index stood at 77.6, slightly above the previous 76.9. Implications For Bitcoin And Crypto The cooling US economy, as indicated by the recent macro data, might be setting the stage for a (last) significant surge in BTC and crypto prices before a recession. Why? Because bad news is good news for the currently short-sighted financial world. Bad data means that the US Federal Reserve will not raise interest rates further and that Quantitative Easing (QE) is getting closer. The long-term consequences in the form of a recession are being overlooked. Joe Consorti, a renowned Bitcoin Layer analyst, highlighted the significant drop in job openings and the slowing job growth in August. He stated, “US job openings are at 8.827 million, the lowest level since September 2021. Worse yet – last month’s data was severely overestimated. Cracks are spreading in the labor market. Rate hikes’ impact finally hitting.” He further emphasized the paradox of weak economic data driving stock market surges, suggesting, “Bad news is good news right now. Sour data relaxes investor fears of a hawkish Fed – igniting hopes of relaxed policy to support asset prices. I don’t make the rules.” Michaël van de Poppe delved deeper into the relationship between traditional economic indicators and Bitcoin’s performance. According to him, the most likely case are no more rate hikes as the economic data is coming in terribly, through which Gold, Silver and Bitcoin will be running upwards. He pointed out the inverse correlation between the Yields markets and Bitcoin, suggesting that as Yields show signs of peaking, Bitcoin could be poised for a surge. “The 2-Year Yields are even more apparent than the 10-Year Yields, indicating a potential top in the making, said van de Poppe. He explained that the previous top in November of 2018 marked the low on Bitcoin. Afterwards BTC broke down, but the top of the Yields resulted into the bottom of the bear market for Bitcoin. The continuation of the selloff on the Yields resulted in more and more strength on the Bitcoin markets. Van de Poppe added: Macro analyst Mortensen Bach’s predictions for the next 6-10 months also suggests a potential downturn for the USD, a decrease in rates, and an uptick for both stocks and crypto. According to him, the expansion phase of financial markets is coming to an end. However, there’s one last leg up for markets. While he believes that the soft landing narrative is nonsense, he warned of the repercussions of the Federal Reserve’s aggressive rate hikes, stating, “FED jacked up rates by 500bp in 12 months, in order to try and manipulate the economy to cool off. This was a big mistake and we will pay the price for it, likely in 2024.” Crypto trader Daan emphasized the looming recession fears and the potential for rate cuts and increased money printing in the near future. He commented, “Recession fears will be all over the media soon. Bring on the Rate cuts & Money printing! (Not yet but doubt it takes much longer than ~6 months).” At press time, BTC traded at $27,264.

Ripple’s token price is showing bearish signs below $0.550 against the US Dollar. XRP price could start another decline if it trades below $0.500. Ripple’s token price is struggling to recover above $0.540 and $0.550 against the US dollar. The price is now trading below $0.550 and the 100 simple moving average (4 hours). There is a major bearish trend line forming with resistance near $0.540 on the 4-hour chart of the XRP/USD pair (data source from Kraken). The pair might start another decline if there is a break below $0.500. Ripple’s Token Price Eyes Fresh Increase After a sharp decline to $0.40, Ripple’s XRP started a recovery wave against the US Dollar. The price recovered above the $0.48 and $0.50 resistance levels, like Bitcoin and Ethereum. The price was able to surpass the $0.520 resistance as well. Finally, there was a spike above the 50% Fib retracement level of the key drop from the $0.6655 swing high to the $0.3995 low. The bulls are now facing an uphill task near $0.550. XRP is still trading below $0.540 and the 100 simple moving average (4 hours). There is also a major bearish trend line forming with resistance near $0.540 on the 4-hour chart of the XRP/USD pair. Source: XRPUSD on TradingView.com Initial resistance on the upside is near the $0.540 zone and the trend line. The next major resistance is near the $0.550 level or the 61.8% Fib retracement level of the key drop from the $0.6655 swing high to the $0.3995 low. A successful break above the $0.550 resistance level might send the price toward the $0.60 resistance. Any more gains might call for a test of the $0.625 resistance. Another Drop in XRP? If ripple fails to clear the $0.550 resistance zone, it could start another decline. Initial support on the downside is near the $0.505 zone. The next major support is at $0.500. If there is a downside break and a close below the $0.500 level, XRP’s price could extend losses. In the stated case, the price could retest the $0.435 support zone. Technical Indicators 4-Hours MACD – The MACD for XRP/USD is now losing pace in the bullish zone. 4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level. Major Support Levels – $0.505, $0.500, and $0.435. Major Resistance Levels – $0.540, $0.550, and $0.600.

If the United States Securities and Exchange Commission (SEC) ends up approving a spot Bitcoin exchange-traded fund (ETF) anytime in the coming days or weeks, one expert is confident BTC prices will explode more than 6x to $185,000. As of August 30, BTC is changing hands below $30,000 but remains firm. Bitcoin To $185,000? In a recent CNBC interview, Tom Lee, who regularly comments on Bitcoin prices, said a spot ETF will mop up all daily supply of the world’s most valuable cryptocurrency, creating an “imbalance” that will inevitably drive prices higher. Based on this, demand will significantly outstrip supply, driving prices to $185,000 or higher. Bitcoin remains the world’s largest cryptocurrency by market cap despite the sharp contraction throughout the past 20 months. At peaks, BTC surged to over $69,000 only for sentiment to shift in 2022, triggering a sell-off that saw prices declined more than half, bottoming up from below $16,000 in November 2022. While prices have since recovered, surging over 50% from November 2022 lows to peaking at over $31,000 in late July 2023, the crypto and Bitcoin communities have their eyes on the SEC. The stringent regulator has been adamant, dismissing previous applications for a complex ETF derivative directly tracking Bitcoin prices. While the SEC has approved a Bitcoin Futures ETF that tracks an index aggregating prices from multiple regulated exchanges, the nascent industry demands an spot BTC ETF. SEC Likely To Approve Spot ETF? Following August 29’s court ruling that supported Grayscale’s assertion that robust measures are in place for their Bitcoin spot ETF to be free from market manipulation, the community has been ecstatic. The ruling was a loss for the SEC, but the court didn’t mention or guide the regulator in approving a Bitcoin ETF. Nonetheless, following the sharp expansion of Bitcoin prices from around $25,800 to as high as $28,000, there is a section of optimists who believe the SEC has little wiggling space and have no option but to greenlight a Bitcoin ETF in the coming weeks if not months. On August 30, Eric Balchunas and James Seyffart, two of Bloomberg’s senior ETF analysts, increased their odds of the SEC approving a spot ETF in 2023 to 75% (up from 65%). If it doesn’t get approved this year, they estimate that the regulator will likely allow entities to create this product next year since their probability is 95%. Their confidence stems from the fact that the “unanimity and decisiveness” of the recent court ruling in the SEC versus Grayscale case was “beyond expectations and leaves SEC with “very little wiggle room.” Moreover, in their assessment, the SEC has suffered a “PR” loss since the ruling was widely covered.

Bitcoin price is correcting gains from $28,000. BTC could correct further lower toward the $26,800 zone before the bulls take a stand. Bitcoin started a downside correction from the $28,150 resistance zone. The price is trading above $26,600 and the 100 hourly Simple moving average. There is a declining channel forming with resistance near $27,250 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could extend its decline toward $26,800 before it attempts a fresh increase. Bitcoin Price Starts Downside Correction Bitcoin price started a decent increase above the $27,000 resistance zone. BTC even climbed toward the $28,000 resistance zone before the bears appeared. A high was formed near $28,150 and the price started a downside correction. There was a move below the $28,000 and $27,500 levels. The price even spiked below the $27,400 level. However, it found support near the 50% Fib retracement level of the key increase from the $25,928 swing low to the $28,150 high. Bitcoin is still trading above $26,600 and the 100 hourly Simple moving average. Besides, there is a declining channel forming with resistance near $27,250 on the hourly chart of the BTC/USD pair. Immediate resistance on the upside is near the $27,200 level and the channel trend line. The first major resistance is near the $27,400 level. A clear move above the $27,400 level might send the price toward $28,000. The next major resistance is near $28,150, above which there could be a sustained increase. Source: BTCUSD on TradingView.com In the stated case, the price could test the $29,200 level. Any more gains might set the pace for a larger increase toward $30,500. What’s Key Support In BTC? If Bitcoin fails to clear the $27,400 resistance, it could continue to move down. Immediate support on the downside is near the $27,000 level. The next major support is near the $26,800 level or the 61.8% Fib retracement level of the key increase from the $25,928 swing low to the $28,150 high. A downside break below the $26,700 level might put a lot of pressure on the bulls. In the stated case, the price could drop toward $26,000. Technical indicators: Hourly MACD – The MACD is now losing pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now near the 50 level. Major Support Levels – $27,000, followed by $26,700. Major Resistance Levels – $27,400, $28,000, and $28,500.

Ethereum price is correcting gains from the $1,750 resistance against the US Dollar. ETH is trading above the $1,680 support and might start a fresh increase. Ethereum started a downside correction below the $1,720 level. The price is trading above $1,690 and the 100-hourly Simple Moving Average. There is a connecting bearish trend line forming with resistance near $1,705 on the hourly chart of ETH/USD (data feed via Kraken). The pair could soon start a fresh increase above $1,720 and $1,750. Ethereum Price Eyes Fresh Increase Ethereum’s price started a decent increase above the $1,700 level. ETH climbed toward the $1,750 zone before the bears appeared, like Bitcoin. A high was formed near $1,747 and the price recently started a downside correction. There was a move below the $1,720 level. It even traded close to the 50% Fib retracement level of the key increase from the $1,640 swing low to the $1,747 high. However, the bulls are active above the $1,680 level. Ether is now trading above $1,690 and the 100-hourly Simple Moving Average. Besides, there is a connecting bearish trend line forming with resistance near $1,705 on the hourly chart of ETH/USD. Source: ETHUSD on TradingView.com On the upside, the price might face resistance near the $1,700 level and the trend line. The next resistance is near the $1,710 level. A close above the $1,710 level might send the price toward the $1,750 zone. If there is a clear move above $1,750, Ethereum could rise toward the $1,800 resistance. Any more gains might send the price toward the $1,850 resistance. More Losses in ETH? If Ethereum fails to clear the $1,710 resistance, it could continue to move down. Initial support on the downside is near the $1,690 level. The first key support is close to $1,680 or the 61.8% Fib retracement level of the key increase from the $1,640 swing low to the $1,747 high. The next major support is near the $1,665 level. If there is a downside break below $1,665, the price could extend its decline toward the $1,620 level. Any more losses might send the price toward the $1,540 level in the near term. Technical Indicators Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone. Hourly RSI – The RSI for ETH/USD is now below the 50 level. Major Support Level – $1,680 Major Resistance Level – $1,710

The crypto industry echoed the news of Grayscale Investments’ groundbreaking victory over the United States Securities and Exchange Commission (SEC) yesterday. This landmark lawsuit has established intriguing possibilities concerning approving a much-anticipated spot Bitcoin ETF product. A Win Bigger Than Just Approval? John Deaton, the renowned lawyer representing XRP holders, is among the voices adding to this discussion. As the industry ponders the ramifications of Grayscale’s lawsuit triumph, Deaton provides insights into the prospects and timeline of the highly anticipated Bitcoin ETF. Deaton’s commentary arrives hot on the heels of a Bloomberg report. The report underlined that even if the lawsuit’s outcome doesn’t lead directly to the greenlighting of a spot Bitcoin ETF, the very nature of this win holds substantial implications for the overarching crypto environment. The victory, according to the report, particularly stands as a testament to BTC, its miners, Coinbase, and the entirety of the cryptocurrency domain, the XRP lawyer added: The Bitcoin ETF Timeline While the hope surrounding the Bitcoin ETF’s approval is palpable, the attorney provides a reality check to the community. Grayscale’s aspirations for the BTC ETF remain high, but immediate approval seems unlikely. Contrary to the gist of the Bloomberg news report, Deaton is confident about the eventual establishment of a spot Bitcoin ETF. Yet, the timeline remains uncertain. On August 29, Judge Rao of the Columbia Circuit approved Greyscale’s petition to transform their financial product into a Bitcoin Exchange Traded Fund (ETF). This marked a significant victory for Greyscale in its legal battle against the US SEC, which had previously denied the firm’s application to convert its Grayscale Bitcoin Trust (GBTC) into an ETF on June 29, 2022. The court filing by the US District of Columbia Circuit noted: Grayscale’s CEO, Michael Sonnenshein, quickly took to his X account (formerly known as Twitter) to celebrate the decision. He expressed gratitude to the community and concluded by updating that the firm’s legal team is actively reviewing the Court’s opinion to asses the next steps. Featured image from iStock, Chart from TradingView

Cardano (ADA) enthusiasts are eagerly watching the charts as the cryptocurrency’s price forms a distinctive triangle pattern, suggesting an imminent breakout that could mark a significant shift in its trajectory. This technical formation occurs when the price fluctuations of an asset are confined within converging trendlines, creating a triangle-like shape on the chart. Traders interpret this pattern as a period of consolidation, often preceding a substantial price movement. As Cardano’s price coils within the confines of the triangle pattern, traders are bracing for a potential decisive breakout in the days to come. The prevailing trend, in this case, supports the notion of a likely price ascent, and that is to make it to the $0.3 region. However, market sentiment hints at the possibility of sellers breaching the bottom trendline, leading to an extension of the ongoing corrective trend. A report suggests that a retreat below the pattern’s support trendline might trigger an approximate 8.5% downturn. Current Scenario And ADA Price Analysis At present, Cardano’s price stands at $0.265, as reported by CoinGecko. The cryptocurrency has experienced a modest 1.2% gain over the past 24 hours and a 3.0% increase in value over the course of the last week. Nevertheless, the current triangle pattern indicates that these gains might be overshadowed by a potentially more significant movement. Reflecting on its history, Cardano reached its all-time high price of $3.09 on Sept. 2, 2021, accompanied by a market cap of around $95 billion on the same day. Notably, a separate report underscores the consistent need for increased demand for Cardano in order to align with its historical price levels. This necessity arises due to the cryptocurrency’s unique monetary expansion model, which introduces a fixed rate of 0.3% every five days for circulating the remaining tokens from the ‘reserve.’ This approach effectively curtails the rate at which ADA is injected into the supply over time. Future Possibilities And Investor Prospects Analysts speculate that the current ADA price could potentially present an opportunity for investors to secure substantial gains, if the layer-1 blockchain manages to match its previous demand. This projection rests on the assumption that historical demand for ADA could surge once again. As Cardano’s price tightens within the triangle pattern, market participants hold their breath for the anticipated breakout. Traders remain cautious, aware that a breach below the pattern’s support trendline could lead to a notable downward movement. (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk). Featured image from FX Empire

Coinbase and other crypto-related companies witnessed a significant rise in stock prices following reports that Grayscale has emerged victorious in its lawsuit against the United States Securities and Exchange Commission (SEC). On Tuesday, August 29, the US District of Columbia Court of Appeals ruled that the SEC did not provide a “consistent justification” for rejecting Grayscale’s request to convert its Bitcoin Trust (GBTC) into a spot exchange-traded fund (ETF). This decision brings the asset management firm closer to offering a spot Bitcoin ETF in the US. The price of Bitcoin reacted positively to this development, breaking above and beyond the $26,000 mark. According to CoinGecko data, the premier cryptocurrency is currently valued at $27,136, reflecting a 3.8% price gain in the past week. Coinbase (COIN) Rally 15% After Grayscale’s Win The value of Coinbase’s stock COIN stood at $84.70 by the close of the trading session on Tuesday, representing a 15.2% increase from the day’s opening price. The crypto company’s stock surged by nearly $13 per share, climbing from $73.5 per share to almost $86 during the day, according to Coinbase’s stock information. Coinbase, the largest cryptocurrency exchange in the United States, became publicly listed on Nasdaq in 2021. This price jump is believed to have been triggered by the success of Grayscale’s appeal against the United States SEC, as mentioned above. While the court’s decision doesn’t automatically convert the asset manager’s Bitcoin Trust to a spot ETF, it is still perceived as a significant milestone in launching the financial product in the North American country. If spot Bitcoin ETFs receive approval from the Securities and Exchange Commission, Coinbase could become one of the biggest winners due to its surveillance-sharing agreements with some applicants, including the world’s largest asset manager, Blackrock. These arrangements aim to mitigate potential market manipulation risks – a concern raised by the SEC after the initial Bitcoin ETF submissions. Marathon and Riot Witness Surge In Stocks Price Coinbase was not the only cryptocurrency company that enjoyed the ripple effect of Grayscale’s legal triumph. Bitcoin mining companies, like Marathon Digital Holdings (MARA) and Riot Platforms (RIOT), also felt a positive impact on their stock prices. Favorable judgments, such as the latest Grayscale victory, often boost the interest and optimism of investors in the cryptocurrency industry and crypto-related products. As a result, companies operating in the cryptocurrency space, including Bitcoin mining firms, are likely to receive increased attention from investors. According to TradingView, the value of MARA soared by about 30% on Tuesday, closing at $13.69 per share by the end of the day’s trading session. Likewise, the RIOT price experienced an 18.2% rally, climbing from $10.39 per share to almost $12.3 at the end of the day. As of this writing, the Marathon Digital Holdings stock is trading at $12.94 per share, reflecting a 5.2% decrease since the opening of Wednesday’s (30th of August) trading session. Meanwhile, Riot Platforms’ stock has currently declined by 4% to trade at $11.8 per share.

Over the last couple of weeks, the Bitcoin open interest had been on a downtrend that sent it toward one-year lows. However, with the Grayscale victory against the SEC coming on Tuesday, August 29, and sending a positive wave across the entire region, open interest in the digital asset has begun to surge once more. Bitcoin Open Interest Pulls A Quick Reversal On-chain data tracking platform Kaiko reported on Tuesday, August 29, that the Bitcoin open interest had been on the decline for a while. In the chart shared by the tracker, it is obvious that this BTC metric had previously fallen significantly since 2022. As August drew to a close, the open interest in the digital asset eventually declined to levels not seen since the Terra network collapse back in May 2022. This suggested that it could be a good chance to get into Bitcoin and it would be proven true not too long after. On the same day, news broke that Grayscale had triumphed over the United States Securities and Exchange Commission (SEC) in court over its bid for its Spot Bitcoin ETF filing to be reconsidered. This triggered a rapid uptrend in the price of the digital asset and the open interest followed suit. According to data from Coinglass, the Bitcoin open interest is seeing double-digit growth on some exchanges already. The open interest on the dYdX exchange is up over 35%, and the cumulative open interest across all exchanges is now in the green, rising 9.55% in the last 24 hours. Does This Mean BTC Will Continue The Uptrend? For now, the price of Bitcoin is still purely driven by the hype from the Grayscale victory. This means that there is no telling how long the uptrend will last and when it will start correcting downward. However, as long as investors remain optimistic about the victory, BTC will continue to enjoy green days. As for open interest, a recovery isn’t always a good thing as it opens up an avenue for shorters to enter the market. For example, a look at Keiko’s chart shows open interest was high leading up to the FTX collapse in 2022. Then in early 2023 when the price of Bitcoin was rallying, open interest fell before picking up steam once more. For now, BTC is still enjoying the spike in attention. The price of the cryptocurrency is up 5.35% in the last 24 hours to trade at $27,349.

The Bitcoin price is on the move as bulls take over the market and reclaim previously lost territory. While the rally signals potential, BTC still needs to overcome significant resistance at higher levels. As of this writing, Bitcoin (BTC) trades at $27,300 with a 5% profit in the last 24 hours. In the previous seven days, BTC recorded similar profits as other cryptocurrencies in the top 10 see gains for the first time in over two weeks. $30,000 Are The $12,000, A Bitcoin Bull Run In The Making According to Bloomberg Intelligence’s Mike McGlone, the current Bitcoin price action is akin to that display before the 2020 bull run. At that time, macroeconomic forces influenced the crypto market as BTC prepared for a Halving event. The cryptocurrency also struggled to reclaim a critical level of around $12,000. McGlone believes that $30,000 is similar to that level and that breaching it would open the door for further gains, but are the conditions given for such an event? NewsBTC has reported that the biggest catalyzer for a Bitcoin bull run lies with the US Securities Exchange Commission (SEC). The cryptocurrency might have a massive capital inflow if the regulator approves a spot BTC Exchange Traded Fund (ETF). Yesterday, asset manager Grayscale scored a victory against the Commission, and a US judge ruled in favor of the company in their Bitcoin ETF lawsuit. The expert commented the following on this development and how it can pave the way for a BTC rally: Of course, McGlone doubts the cryptocurrency can push above $30,000 in the short term. Despite the similarities between the current price action and 2020, there are two significant obstacles: the Fed’s monetary policy and the low liquidity in the financial markets. As a result of these conditions, the chart below shows the BTC price trending to the downside, with volatility moving in the opposite direction. The expert believes this dynamic potentially sets the stage for Bitcoin to drop into the $12,000 region. While these factors remain, Bitcoin will likely move sideways around its current levels, but the cryptocurrency will keep its bullish structure even if this scenario plays out. Cover image from Unsplash, chart from Tradingview

In a surprising turn of events, Shiba Inu (SHIB) experienced a brief consolidation break, reaching a 10-day high of $0.00000850, following the overall market uptrend on Tuesday. This upswing was further fueled by Grayscale’s legal victory against the US Securities and Exchange Commission (SEC). However, Shibarium, the Ethereum layer-2 network backed by SHIB tokens, was the most significant catalyst for the newfound optimism. Shibarium’s Resurgence Fuels Bullish Sentiment For SHIB Price Shibarium, the layer-2 blockchain explicitly designed for the Shiba Inu token SHIB, has achieved a significant milestone with a remarkable surge in wallet count, reaching 337,100. This surge in new wallet addresses indicates renewed interest and heightened expectations, following recent challenges faced by the SHIB-backed layer-2 platform. The surge in wallet activity clearly demonstrates restored confidence in Shibarium and its potential to provide an “enhanced user experience.” Moreover, the transaction count has rebounded significantly, recovering from a dip that saw daily transactions drop to 40,000 on August 27, after peaking at 132,000 on August 25. The resurgence, growing confidence, and surge in new wallets and daily transactions have made Shibarium an attractive option for retail investors seeking faster, more cost-effective, and private off-chain transactions while benefiting from the underlying security of the blockchain. After a difficult start, Shiba Inu delivered positive news by announcing the successful functionality of the highly anticipated Shibarium Bridge on August 28, 2023. This bridge facilitates seamless movement of funds from the Ethereum Layer-1 to the Layer-2 Shibarium platform, improving transaction speed and reducing fees. Shibarium initially encountered challenges upon its launch, experiencing significant user and transaction volumes that caused an “outage.” To tackle this issue, according to crypto influencer Keyur Rohit, Shytoshi Kusama, co-founder of SHIB, sought assistance from Sandeep Nailwal, co-founder of Polygon Labs. Together, they resolved the problems, ensuring the safety of funds. Kusama expressed gratitude to Sandeep for his help. Notably, in the aftermath of the initial challenges, Shibarium undertook significant improvements. The team expanded their server infrastructure by an impressive 1500% to “better handle” on-chain congestion. These corrective measures have resulted in rapid growth of the user base and an increase in the price of the SHIB token. Additionally, Shibarium has achieved a notable Total Value Locked (TVL) of $1.42 million. This achievement signifies a significant milestone and reflects the increasing enthusiasm within the Shiba Inu network. SHIB’s Uptrend At Risk? SHIB’s recent recovery and positive developments within its native ecosystem have failed to sustain the initial excitement, as the token’s price action has experienced a sharp decline. Over the past 24 hours, SHIB has lost more than 3% of its value, currently trading at $0.00000813. Adding to the concern is the token’s inability to surpass its 50-day Moving Average, as depicted by the brown line on the daily chart above. Since July 2023, when SHIB briefly surged to the $0.000001137 mark, it has struggled to break above this key moving average. However, there is a glimmer of hope if the overall market, particularly the flagship cryptocurrency, Bitcoin (BTC), paves the way for improved liquidity in the emerging sector. If SHIB manages to surpass this significant moving average, it could signal the potential for another strong uptrend, similar to the ones witnessed in July and January, during which the token reached its yearly high. Featured image from iStock, chart from TradingView.com

Robinhood adds Bitcoin, Dogecoin trading to crypto wallet after user requests. In-app swaps enabled for Ethereum tokens within the crypto wallet. The company expands wallet offerings with new networks, browser, and educational rewards. Robinhood has announced several major expansions to its self-custody cryptocurrency wallet in response to user feedback. According to the company, the Robinhood Wallet has seen significant global adoption with hundreds of thousands of users across over 140 countries since its public launch six months ago. In a recent blog post, Robinhood revealed it has added custody, send, and receive capabilities for Bitcoin and Dogecoin for all users. The company has also enabled in-app Ethereum token swaps for select users, with the feature rolling out more broadly in the coming weeks. Unlike some wallets, the users can swap Ethereum tokens without needing to hold ETH, with network fees automatically deducted. This aims to make DeFi more accessible for everyday users, according to Johann Kerbrat, GM of Robinhood Crypto. Since March, Robinhood has integrated its wallet with the Arbitrum and Optimism layer-2 networks. It has also launched a Web3 browser for decentralized app access directly within the Wallet interface. For U.S. users, Robinhood Connect now enables direct fiat currency purchases of crypto to be deposited into the Robinhood Wallet. The company has also expanded its educational rewards program to help users learn about the crypto space. The company stated it is working to support additional layer-2 networks and tokens based on user demand. Security remains an emphasis, with authentication requirements and seed phrase backups to prevent crypto asset loss. As a popular consumer investing platform, Robinhood’s crypto wallet integrations aim to provide mainstream access to Web3 technologies. By iterating based on user feedback, the company hopes to drive further adoption across its sizeable user base.

After the initial excitement surrounding Ripple Lab’s partial legal victory against the US Securities and Exchange Commission (SEC) subsided, XRP experienced a decline that led it to test its 4-month support line at $0.4240. However, the cryptocurrency has demonstrated resilience by reclaiming its important psychological level of $0.50 and reentering its previous consolidation or accumulation zone. This renewed stability has sparked optimism among bullish investors, indicating a potential rebound for XRP. Presently, XRP is trading at $0.5295 with a 24-hour trade volume of $1,419,623,015.56. This reflects a 1.89% increase in price over the last 24 hours and a 1.60% increase over the past 7 days. These gains and a promising chart formation suggest that XRP may be poised for further growth in the days and months ahead. Potential XRP Breakout As 2-Month Candle Nears Conclusion Crypto analyst Egrag Crypto, known for insightful market analysis, recently took to the social media platform X (formerly Twitter) to highlight an intriguing development in the XRP market. As the two-month candle for XRP draws to a close, it displays the potential formation of an inverted hammer pattern. For further context, the inverted hammer is a technical analysis candlestick pattern that typically appears at the end of a downtrend. It is characterized by a small body at the candle’s upper end, with a long upper shadow and little to no lower shadow. The inverted hammer pattern suggests a potential reversal in price direction. It indicates that buyers have stepped in after a period of selling pressure, causing the price to bounce back from its lows. As seen in Egrag’s chart above, throughout 426 days, XRP has demonstrated remarkable resilience, maintaining its market structure and solidifying its foundation amidst market fluctuations. On this note, Egrag further claimed: Notably, per the information compiled by the analyst, this consolidation around the mentioned price range indicates a highly bullish macro stance for XRP Egrag Crypto predicts a scenario where the upcoming candle could propel XRP towards the $2.3 range. However, this achievement would merely serve as a stepping stone within a larger macro range of $3.3 to $5.5, signaling a seamless continuation of XRP’s upward trajectory. Egrag Crypto’s symbolic reference to Valhalla beyond the $5.5 threshold reflects the analyst’s belief in the substantial potential for XRP’s future growth. While these words evoke a sense of grandeur, they emphasize the possibility of XRP reaching unprecedented heights in the market. Amidst growing anticipation within the crypto community, all eyes are on the impending conclusion of the two-month candle, which holds the key to a potential breakout indicated by the inverted hammer formation. This pivotal moment raises questions about whether the cryptocurrency and the broader market are on the cusp of another upward trend, supported by favorable macro conditions, or if they will face a test of lower resistance levels again. Featured image from iStock, chart from TradingView.com

On-chain data shows the number of Cardano (ADA) long-term holders has increased by 170% during the past twelve months. Cardano & Litecoin Have Seen Most Growth In Long-Term Holders In a new post on X, the market intelligence platform IntoTheBlock has revealed data related to the long-term holders of the various assets in the sector. The “long-term holders” (LTHs) here refer to all those investors who bought their coins at least one year ago. These HODLers are generally the most committed hands in the market, as they rarely participate in any selling. This cohort doesn’t usually budge even when FUD has taken over the market or an enticing profit-taking opportunity has appeared. Because they keep their coins locked away for long periods, the LTHs can naturally affect the economics of any cryptocurrency (although their effects don’t appear during the short term). Now, here is an infographic from IntoTheBlock that shows the total number of LTH addresses present on the networks of some of the top assets in the sector, as well as their percentage changes during the past year: As displayed above, the number one ranked cryptocurrency, Bitcoin (BTC), currently has 33.6 million LTH addresses, reflecting an increase of 17.6% during the past twelve months. Despite its lower market cap, Ethereum (ETH) has BTC beat in this metric, as the number of LTHs on the chain is, interestingly, around 73.9 million, more than double what BTC has. The network has also observed a sharper growth in this indicator at about 44.2%. This is also even though Bitcoin is also much older, meaning that it would have been able to accumulate more LTHs over the years in the form of lost coins, as such addresses would also fall under this category (although they certainly don’t carry the same meaning as an investor willingly choosing to HODL). While these largest coins have seen some decent increases in the number of LTHs, Litecoin (LTC) has them very easily beaten with its 100% growth, implying that HODLers on the blockchain have doubled during the past year. LTC is still far behind in terms of the pure number of LTHs, as the network hosts just 4.9 million. Cardano, however, has complete victory over even LTC’s rapid growth, as the coin has seen LTHs go up by more than 170% in this period. This astonishing rise has taken ADA’s total HODLer count to 2.65 million. Chainlink (LINK) appears to be the only cryptocurrency in the table that has seen an adverse change in its number of LTHs, as the asset’s HODLers have decreased by about 3%. The strong increases in the indicator for Cardano and Litecoin can naturally be constructive signs for their prices, as it shows an increasing tendency among the investors to hold onto their tokens for extended periods. ADA Price Cardano has failed to hold onto its gains from the latest rally, as the asset’s price has already fallen towards the $0.26 level.

On August 29, the US Court of Appeals ruled in favor of Grayscale in its legal battle against the US Securities and Exchange Commission (SEC). Following this, Grayscale’s GBTC shares trading volume significantly increased, climbing to a 2-year high in the process. GBTC Shares See 17% Increase According to data from Yahoo Finance, GBTC’s share price had opened at $17.66 on the day and closed at $20.56, rising by almost 17% from the previous day. Furthermore, the fund saw its busiest day in over a year, with over 19 million GBTC shares changing hands. This volume jump marked the fund’s highest in over two years. These figures aren’t surprising, considering that Grayscale’s victory presents a bullish outlook for the fund. Furthermore, Grayscale’s GBTC is one step closer to being converted into a Spot Bitcoin ETF, so many investors may want to get in on the fund at a discounted price. GBTC currently operates as a closed-end fund and has seen a discount as high as 48.89% of its net asset value (NAV) in December 2022. This discount has been reduced to about 18% following the court’s ruling in favor of Grayscale. However, some still believe this gap could close further, especially if Grayscale’s ETF application were approved. Big Win For The Crypto Community Grayscale had filed a lawsuit following the SEC’s refusal to grant its application to convert its GBTC fund into a Spot Bitcoin ETF. Grayscale argued that the SEC acted arbitrarily and capriciously by not giving it the same regulatory treatment the Commission did to the Teucrium Bitcoin Futures Fund and the Valkyrie XBTO Bitcoin Futures Fund. The fund stated that it deserved the same treatment as the Bitcoin futures fund because the prices of both Spot and Futures Bitcoin ETFs were “99.9%” correlated, so they posed the same risk regarding fraud and manipulation. The court adopted Grayscale’s argument and agreed that the SEC had not provided sufficient reason for denying Grayscale’s application while approving the Bitcoin futures funds. With this ruling, the SEC’s primary reason for not approving a Spot Bitcoin no longer carries weight, as the Commission can no longer deny applications solely because the Spot Bitcoin market has no regulated market of significant size. The court already found both funds (spot and futures) to be similar, so these exchanges’ surveillance sharing agreements with the Chicago Mercantile Exchange (CME) should be sufficient to deter manipulation in either the spot or futures market. While it remains to be seen what step the SEC will take regarding the Court of Appeal’s ruling, there is an increased likelihood that the Commission will have to approve the pending Spot Bitcoin ETF applications except if it can find another reason to deny these proposals.